俺比較感興趣的是這個項目的錢從哪裏來得。
如果這個asset隻值25mil, 什麽樣的傻瓜PE firm會出55mil做這個項目。
http://www.treasurer.ca.gov/cdlac/staff/20090923/093.pdf
THE CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE
Tax-exempt: $14,400,000
Project Name: Dana Strand Senior Apartments
http://www.treasurer.ca.gov/ctcac/staff/20091022/856.pdf
CALIFORNIA TAX CREDIT ALLOCATION COMMITTEE
Tax-Exempt Bond Project
ROEM官方網站
http://www.roemcorp.com/about/news-details.cfm?news_id=173
其中有幾段話耐人尋味。
The Housing Authority of the City of Los Angeles entered into a limited partnership with Dana Strand Senior LLC to develop the community.
Dana Strand Senior Apartments was financed with 4 percent low-income housing tax credits and tax-exempt bond financing made possible by Freddie Mac Credit Enhancement Program. Dana Strand has partnered with the Citi Community Capital and the Los Angeles Housing Department for financial support on this $22.3 million. Additionally, the project was awarded 99 Project Based Section 8 vouchers through HUD.
結論：
這個項目本該25mil搞定了。 結果是55mil。 這多出來的錢肯定不是ROEM出的。 這麽慷慨的傻瓜公司早就S完了。 現在股市上不去，就是因為有錢的傻瓜太少。 跑題了。
JY的assumption不對。 ROEM並沒有自己掏錢。 最後還是tax payer接單。 不過tax payer也不是沒有出路。 實在還不了債，default就是了。 所以最終是bond investor埋單。
加州的muni bond我是絕對不碰的。 加州今年已經有三個city default了。 好像最近Fresno也倒了。 無獨有偶， ROEM在Fresno也搞過項目哎。
